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Apr 23, 2013
04/13
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all workers pay payroll taxes into a trust fund. all employers pay the same payroll tax into that trust fund and out of that trust fund comes all of the spending or part a services primarily hospital insurance spending. the age i trust funds has exceeded revenue since 2007 and what that means it is the balance of the trust fund and the assets of the trust fund have been declining and they will be totally completed sometime in the middle of the next decade. since the trust fund can't borrow if the laws are changed medicare will be unable to pay full payments for charges in the age i trust fund. it will only be able to reimburse providers 85% of what they are charging. so clearly legislative action has to be made before that he either to raise taxes or slow the growth in spending or preferably a little bit of both. i my reckoning i have completed my assignment and rather than take a gold star as i said i want to have a couple of general observations. the first when we have discussiodiscussio ends like this we should make clear what ou
all workers pay payroll taxes into a trust fund. all employers pay the same payroll tax into that trust fund and out of that trust fund comes all of the spending or part a services primarily hospital insurance spending. the age i trust funds has exceeded revenue since 2007 and what that means it is the balance of the trust fund and the assets of the trust fund have been declining and they will be totally completed sometime in the middle of the next decade. since the trust fund can't borrow if...
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Apr 18, 2013
04/13
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united states and pay your taxes. you won't qualify for any federal benefits -- no welfare, no obamacare, no food stamps -- but you will have a chance to work and you will no longer have to hide. you are going to have to remain in that system for six years and then go back and get your permit renewed. it is not a permanent grant of a temporary status. it is a temporary grant of a temporary status. in six years you have to apply again. when you reapply, not only do you have to pay another fine and another application fee, but you're going to have to prove you've been paying taxes the last six years and you're gainfully employed in a way that means you're not going to wind up onubli assuming your permit is renewed, after ten years has gone by, if f e-verify is in have been place, if the entry et syste ice,he onlyhing that happens is you are given a clans to apply for a green card l everybody else does. not a special process. you're at the back of the line. evyone who applied before you legally goes first. the only thing
united states and pay your taxes. you won't qualify for any federal benefits -- no welfare, no obamacare, no food stamps -- but you will have a chance to work and you will no longer have to hide. you are going to have to remain in that system for six years and then go back and get your permit renewed. it is not a permanent grant of a temporary status. it is a temporary grant of a temporary status. in six years you have to apply again. when you reapply, not only do you have to pay another fine...
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Apr 20, 2013
04/13
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it used to be back in 1997 that total tax revenue raised property tax, income tax, and in the following year, it was reduced down to 37 trillion yen. we hope that we can add on another 5 trillion yen to the tax revenue, but it didn't. instead, we leave 4 trillion. [speaking japanese] [speaking japanese] [speaking japanese] >> translator: and last year when the moving party, dpj, mbp, and they were able to have an agreement to sign the agreement and there was a number of provisions included in that document, and to put it simply, what recommend was that we have to see a pickup in the economy, otherwise, in no way the consumption tax, and whether to do it or not would be eid to october, if we have engaged in the economy then, we can have the tax, but if it doesn't work out that well, then the timing of the asset tax referred to date so we have been serious in considering the implications about the tax, so if you ask me to say definitely taxation at this stage or not, we cannot say definitely. we have to allow time economies would be get back, and then judgment would be a good call, defini
it used to be back in 1997 that total tax revenue raised property tax, income tax, and in the following year, it was reduced down to 37 trillion yen. we hope that we can add on another 5 trillion yen to the tax revenue, but it didn't. instead, we leave 4 trillion. [speaking japanese] [speaking japanese] [speaking japanese] >> translator: and last year when the moving party, dpj, mbp, and they were able to have an agreement to sign the agreement and there was a number of provisions...
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Apr 20, 2013
04/13
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it is to be in 1997 the total tax revenue raised from the corporate tax, income tax is 41. in the following year, and this reduced to 37 trillion. it didn't. instead we end up losing 4 trillion. >> translator: [speaking japanese] [speaking japanese] [speaking japanese] >> translator: m. last year the party dpj as well as lep was able to strike an agreement to sign the agreement and that was the 18th provision in a given that document and we have to see first about the pickup and economy, otherwise not raising the consumption tax that would take place. whether to do it or not will be decided this coming october. by october, if we end up having picked up an economy done, we can raise the tax. but if it doesn't work out that way, then the timing of the attacks will be deferred. so is shown in these kinds of responses, we have serious considering of the implications of tax in greece. you can make a decision to say definitely that of the debased definitely. we have to allow some more time to make sure the economy could really get better and then the judgment will be made. >> we
it is to be in 1997 the total tax revenue raised from the corporate tax, income tax is 41. in the following year, and this reduced to 37 trillion. it didn't. instead we end up losing 4 trillion. >> translator: [speaking japanese] [speaking japanese] [speaking japanese] >> translator: m. last year the party dpj as well as lep was able to strike an agreement to sign the agreement and that was the 18th provision in a given that document and we have to see first about the pickup and...
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Apr 22, 2013
04/13
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not a new tax, taxes that are already owed from everybody who owes the tax so that you can -- so that you can lower your tax raid for everybody, you're free to decide that. that was the argument that art laffer made in "the wall street journal" on last week. now, art laffer was president reagan's favorite economist. that's the point he made. states have the right to be right. he said this, states have the right to be wrong. but if tennessee or throw or any state can lower -- can collect taxes from everybody who owes it, it can lower the tax rate for everybody. that's why so many conservative leaders support this. art laffer, art cardenis, chairman of the american conservative union, governor mitch daniels, almost all the republican governors support this. but all we're deciding here in this two-page bill -- 11-page bill is two words -- do we respect states' rights to decide their own tax policy, do we respect states' rights as the tenth amendment suggests we do? as far as regular order, i wish the finance committee had reported a bill. this legislation was first introduced in some for
not a new tax, taxes that are already owed from everybody who owes the tax so that you can -- so that you can lower your tax raid for everybody, you're free to decide that. that was the argument that art laffer made in "the wall street journal" on last week. now, art laffer was president reagan's favorite economist. that's the point he made. states have the right to be right. he said this, states have the right to be wrong. but if tennessee or throw or any state can lower -- can...
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Apr 17, 2013
04/13
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yesterday was tax day. and tax season was more stressful than it needed to be. our tax code is a rue amaze. today it's 4 million words long. enough to fill 70,000 pages. in fact it's so long that roughly 90% of americans pay for professional help to file the tax returns. this cost them $16 0 billion each year. $16 0 billion spent by americans filling out their taxes. and then after that trouble the process leads them as the colleague put it like a crook or sucker. we also have the highest corporate tax rate which hurts workers most of all. high corporate tax rate means they take home less pay than otherwise. i'm glad it call the for corporate tax reform. we agree on the problem. of the income in taxes. that is n our opinion is unfair. it hurts jobs, we need reform the individual tax code as well. but they don't want to use the money to lower the rate to spur economic growth. they want to pay for more spending inspect fact the president's budget was released last month or last week calls for 1.1 trillion in new spending. and short the president's plan take more f
yesterday was tax day. and tax season was more stressful than it needed to be. our tax code is a rue amaze. today it's 4 million words long. enough to fill 70,000 pages. in fact it's so long that roughly 90% of americans pay for professional help to file the tax returns. this cost them $16 0 billion each year. $16 0 billion spent by americans filling out their taxes. and then after that trouble the process leads them as the colleague put it like a crook or sucker. we also have the highest...
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Apr 22, 2013
04/13
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use taxes. furthermore, the creation of this new enforcement scheme will create significant new incentives for states to establish new sales taxes and new use taxes and also to increase the tax rates that exist now for these particur items. ultimately, the marketplace fairness act is going to require consumers to pay an additional $22 billion in sales taxes they have never had to pay before. in fact, unless the u.s. pursues ngents to govern theteonal et economy, the types of arrangements sought by chierch d a host of other states, foreign internet retailers will only continue to have the carpet testify advantage -- competitive advantage that the marketplace fairness act would artificially provide them. that, mr. president, is not what the moron economy needs. that's not what what's going to promote online innovation in vavment irhope my colleagues will oppose this marketplace fairness act. it is premature. it is more than anything else, mr. president -- it is coercive. it is coercive. now, we're
use taxes. furthermore, the creation of this new enforcement scheme will create significant new incentives for states to establish new sales taxes and new use taxes and also to increase the tax rates that exist now for these particur items. ultimately, the marketplace fairness act is going to require consumers to pay an additional $22 billion in sales taxes they have never had to pay before. in fact, unless the u.s. pursues ngents to govern theteonal et economy, the types of arrangements sought...
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Apr 21, 2013
04/13
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and get some celebrating on jihad is a tax. and so when i was in college, the state department of course was horribly embarrassed and center packing home without the award. on the anniversary of 9/11, last fall, the embassy when the youtube trailer that paul mentioned came out, the embassy put up a statement saying that this was an abuse of freedom of speech. this is the same kind of characterization that egypt's government itself has use for many years and the u.n., that we must not abuse freedom of speech and, therefore, we must have international lastly lost its i think there's a problem coming from that embassy as well. >> if i can just add, nina mentioned this book, "blind spot," and my coeditors was lela gilbert. one of the phenomenal explorers in this is that most journalists with of course many exceptions don't understand religion. hear on talk about persecution and not talk about christianity alone. it's just in general many have a very secular mindset, which itself is okay, but actually don't really know what goes on
and get some celebrating on jihad is a tax. and so when i was in college, the state department of course was horribly embarrassed and center packing home without the award. on the anniversary of 9/11, last fall, the embassy when the youtube trailer that paul mentioned came out, the embassy put up a statement saying that this was an abuse of freedom of speech. this is the same kind of characterization that egypt's government itself has use for many years and the u.n., that we must not abuse...
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Apr 20, 2013
04/13
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the deaths of the financial crisis, billions of dollars that allowed it to have a $4 billion tax growth. that is exactly. fiscal policy. hanson grasshoppers. that is discipline. clarity. the clarity, want to tell you the story. not jamaica, but the tiny elephant. in 1992 barbados faced an enormous financial interest, a potential financial crisis. the u.s., heavily dependent. the exports the rest of the world. in barbados dementia national monetary fund. barbados had what's cled a face to exchange is case the billion dollars. the country command the same way the value in the currency. making it cheaper and more expensive there will allow you to read just. the said, we don't think so. we don't like cutting wages. that's what a devaluation is. a deletion from one person. that is essentially. and the prime minister also said , we want to convene a discussion. we want to be able to give the private sector, the unions man the government and we want to talk about this. and over the course of the next several months there was a very heated discussion. the alternatives are laid out. the leaders
the deaths of the financial crisis, billions of dollars that allowed it to have a $4 billion tax growth. that is exactly. fiscal policy. hanson grasshoppers. that is discipline. clarity. the clarity, want to tell you the story. not jamaica, but the tiny elephant. in 1992 barbados faced an enormous financial interest, a potential financial crisis. the u.s., heavily dependent. the exports the rest of the world. in barbados dementia national monetary fund. barbados had what's cled a face to...
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Apr 19, 2013
04/13
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this year raising taxes $600 billion. but there was never an agreement as part of the sequester or the budget control act to raise taxes so that's where we have a lawyer at. this is the problem so in the debate and i remember sitting up when the president guaranteed the american people that the sequester wouldn't hap but it is happening. it's happeningright now. it's infil all. the house has proposed a budget that eliminates the cuts on the defense department but finds other cuts in the government to replace them with. the president is saying he wants to eliminate the sequester. he apparently indicates that he does, that he wants to do that raising taxes and that is a nonstarter. under the current debt path we are increasing spending every year. the difficulty as i pointed out before our committee so many times is half of the reductions in spending and in the sequester follow in defe which lyup onixt entour rn so that is a disproportionate cut. as you talk to congress about the difficulties, i suggest that you go to 1600
this year raising taxes $600 billion. but there was never an agreement as part of the sequester or the budget control act to raise taxes so that's where we have a lawyer at. this is the problem so in the debate and i remember sitting up when the president guaranteed the american people that the sequester wouldn't hap but it is happening. it's happeningright now. it's infil all. the house has proposed a budget that eliminates the cuts on the defense department but finds other cuts in the...
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Apr 22, 2013
04/13
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provision on the comprehensive tax reform act. we must also address japan's own entitlement reform to put the growth of the government previously at the toronto g20 meetings, japan pushed fiscal consolidation together with other member nations. we aim at halving the primary balance ratio to gdp by fiscal year 2015 from that in 2010. we also aim at achieving primary balance surplus by 2020. we are going to publish medium-term fiscal consolidation plan around the middle of this year. the second downside risk of interest rate hike is avoidable. economics should take a deep -- [inaudible] th order for the economy to seek gr finally, before conclusion let me say only a few words about what kind of country japan ought to be. japan must be a place where -- [inaudible] meets effort. japan must be a place where risk takers can be given the opportunities not just once, but many times. both of ex-prime minister present a chance for second coming in japan. japan must be a place where animal spirit in the sense of john maynard keynes used invi
provision on the comprehensive tax reform act. we must also address japan's own entitlement reform to put the growth of the government previously at the toronto g20 meetings, japan pushed fiscal consolidation together with other member nations. we aim at halving the primary balance ratio to gdp by fiscal year 2015 from that in 2010. we also aim at achieving primary balance surplus by 2020. we are going to publish medium-term fiscal consolidation plan around the middle of this year. the second...
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Apr 18, 2013
04/13
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the president did raise taxes $600 billion, there was never an agreement to raise taxes. so that's where we've got a loggerhead. this is the problem. at the end of debate i remember when the president guaranteed the american people sequester wouldn't happen. but it is happening. it's happening right now in the law. the house has proposed a budget that eliminates cuts on the defense department, besides other cuts to replace them when. the president is saying he wants to eliminate the sequester are apparently indicates he does, but he wants to do it raising taxes and that is a nonstarter. under our current day, we increase spending every year. the difficulty is that pointed out before our committee so many times is half the reductions in spending and sequester file on the defense department come which only make ucmj six of the spending in our government. that is a disproportionate cut. as you talk to congress about the disabilities, i suggest you go to 1600 pennsylvania avenue and talk to the president, commander-in-chief. i am very worried because congress is not going to
the president did raise taxes $600 billion, there was never an agreement to raise taxes. so that's where we've got a loggerhead. this is the problem. at the end of debate i remember when the president guaranteed the american people sequester wouldn't happen. but it is happening. it's happening right now in the law. the house has proposed a budget that eliminates cuts on the defense department, besides other cuts to replace them when. the president is saying he wants to eliminate the sequester...
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Apr 23, 2013
04/13
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why should they trust us to fix the tax code when we use their tax dollars to great artificial markets for uncompetitive industry? why should they trust our vision of free civil society when we give special privileges to supposedly nonprofits like planned parenthood, public broadcasting, agricultural checkoff programs, and the export-import bank? perhaps most important, why should americans trust us at all when too often we don't really trust them when we go for major legislation, nick issued in secret without debating it? and without even reading it. deliberately excluding the american people from their own government. conservatives, equality needs to mean equality for everyone. the second principle to guide our agenda is diversity, or as you might've heard it called elsewhere, federalism. the biggest reason the federal government makes too many mistakes is that it makes too many decisions. most of these are decisions the federal government doesn't have to make and, therefore, shouldn't. every state in the union has a functioning constitutional government. and just as important, each
why should they trust us to fix the tax code when we use their tax dollars to great artificial markets for uncompetitive industry? why should they trust our vision of free civil society when we give special privileges to supposedly nonprofits like planned parenthood, public broadcasting, agricultural checkoff programs, and the export-import bank? perhaps most important, why should americans trust us at all when too often we don't really trust them when we go for major legislation, nick issued...
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Apr 17, 2013
04/13
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dollar spent by american tax dollar is the brainpower, the patriotism, the dedication, the service, and results that come through people whose names they never know. staffers. almost every one of you in this room could be doing something else making a whole lot of money. so many of you graduate at the top of your class, so many of you. i remember feeling so conscious. i stopped hiring rhodes scholars after chitosan and i realize how inadequate i was. [laughter] but all kidding aside think of the application we did. people who work for us and with us. so it's appropriate, it's appropriate, because there's no way this place could function without incredible staff. and you know, nancy is right, people are going to come in the room and five years from now they will say than five, who was he? and it will be a staffer who will tell them who he was. no, it will. will tell them who he was. and why this room is named after him. because what is this democracy except one big conversation, constantly rubbing up against one conversation against another. to generate some kind of consensus. we are
dollar spent by american tax dollar is the brainpower, the patriotism, the dedication, the service, and results that come through people whose names they never know. staffers. almost every one of you in this room could be doing something else making a whole lot of money. so many of you graduate at the top of your class, so many of you. i remember feeling so conscious. i stopped hiring rhodes scholars after chitosan and i realize how inadequate i was. [laughter] but all kidding aside think of...
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Apr 23, 2013
04/13
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they almost all pay in more taxes and take out over a lifetime. that seems like a pretty -- i think that is a matter we ought to consider. we think about the total flow into was admitted to america. >> the amount of these is up to 180,000, three times the current. some say their is a need for these workers, especially in the s.t.e.m. field. you testified unemployment does not assert that. significantly honing american workers. i here college graduates are having a hard time, even engineering students are not able to be employed frequently in america. what is the status there? how would you explain your testimony? >> i'm happy to. well, mr. smith gave some data. he said just over 3 percent unemployment. is date is right. a problem is, the interpretation is wrong. we would expect when we are at full employment in these up -- occupations, about a one and a half% rate. about twice where we should be at full employment, so he is misinterpreting the data. i don't think that raising the cap to 180,000 is warranted in any way, shape or form it is business
they almost all pay in more taxes and take out over a lifetime. that seems like a pretty -- i think that is a matter we ought to consider. we think about the total flow into was admitted to america. >> the amount of these is up to 180,000, three times the current. some say their is a need for these workers, especially in the s.t.e.m. field. you testified unemployment does not assert that. significantly honing american workers. i here college graduates are having a hard time, even...
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Apr 24, 2013
04/13
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they could now been on ice and suffers tax. we branch or resources to the problems and i've been really pleased that their attitude towards working with us and our attitude towards working with them. >> with regard to community banks that are not subject to the cfpb examination authority, what measures have you taken to ensure that sure roles are clearly interpreted? are there potential regulators doing their exams? does the cfpb continue the small entity compliance guides as has been done twice already? on the other mortgage rules. >> thank you, mr. chairman. i've got about three different answers to that question. on the small entity compliance guides, this is something we take seriously and we been told this over and over by small institutions in the trade associations that represent them like a cba and that means taking their rules, initially mentioned 2500 pages of rules issued in january. that's 2500 pages of taxpayers a lot of that is preamble, cost-benefit analysis. what a translator for several hundred pages of rules a
they could now been on ice and suffers tax. we branch or resources to the problems and i've been really pleased that their attitude towards working with us and our attitude towards working with them. >> with regard to community banks that are not subject to the cfpb examination authority, what measures have you taken to ensure that sure roles are clearly interpreted? are there potential regulators doing their exams? does the cfpb continue the small entity compliance guides as has been...
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Apr 18, 2013
04/13
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every one of those had to be equally taxed. the congress imposed a more onerous, morerestrictiverra money from ppa to ppa.my ato m i have these small but not a lot oney anof them are only people. for whatever reason, they decided there needed to be more control over the national intelligence program. the effect of the fy 13 appropriations i did help as assume that it allowed us to move some money around city could move the money into the pot sorority committed to by virtue the fact we are fragments months of the fiscal year before regarded though. it would've been a disaster without it. the downside to allow start, which was good, but for most accounts with three specific exceptions, which i can't discuss here, with less money at the end of the day with the appropriations act and the impact of sequestration was doubled because we had to take and 79, said the rail cut fares about her 10%. >> the realistic impact is helpful. it provided a context to things they might be allowed to do. we have a macro issue of the sequestration, w
every one of those had to be equally taxed. the congress imposed a more onerous, morerestrictiverra money from ppa to ppa.my ato m i have these small but not a lot oney anof them are only people. for whatever reason, they decided there needed to be more control over the national intelligence program. the effect of the fy 13 appropriations i did help as assume that it allowed us to move some money around city could move the money into the pot sorority committed to by virtue the fact we are...
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Apr 19, 2013
04/13
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every one of those had to be eat late taxed. the congress imposed a more onerous, more restrict it from a comma rules that on my ability to move money from ppa to ppa. i have small pdas with not a lot of money but for whatever reason decided there needed to be more over the national intelligence program. the effect of the fy 13 of her rations that did help us in that it allowed us to move money around civic and that the money into the path we are committed to by virtue of the fact were five men in before we got a bill. sowo ba dister t it. a cab structure, did allow new start,t also frommocountschss here was what many at the endf the day and of course the of sequestration was doubled because we had to take it in seven months. iraq i was. ealistic impact. >> that is helpful because it provides more of a context of things we might be able to do. again, we have a macro issue of sequestration can watch everyone recognizes it's in packs on your programs. but i stand legislative authorization not on this committee that the intelligenc
every one of those had to be eat late taxed. the congress imposed a more onerous, more restrict it from a comma rules that on my ability to move money from ppa to ppa. i have small pdas with not a lot of money but for whatever reason decided there needed to be more over the national intelligence program. the effect of the fy 13 of her rations that did help us in that it allowed us to move money around civic and that the money into the path we are committed to by virtue of the fact were five men...
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Apr 21, 2013
04/13
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we don't collect enough taxes. we don't pay our bills to be we say anybody can have a gun and kill anybody. actually i want to say this on tv -- >> let me just step in for a minute it's about land and development in the case of hawaii and i think also florida it's about strategic reasons, right? in hawaii, certainly it is our board work against north korea. it has become -- >> that is true and of course a was a very wise of them to take it in 1988 so shortly thereafter they could get mired down in the philippines. >> the other thing i really want to mengin on this paradise thing, you have people riding like harriet beecher stowe came down and remember she's the great abolitionist and she says who will do the work for us? and she has the same answers colin and he just loves carrying the wheel barrows and you go read some of her stuff and then one doctor came down and he actually said it got cold and people had malaria and she was just outrageous and she said malaria of the milder sort. [laughter] this goes on and on
we don't collect enough taxes. we don't pay our bills to be we say anybody can have a gun and kill anybody. actually i want to say this on tv -- >> let me just step in for a minute it's about land and development in the case of hawaii and i think also florida it's about strategic reasons, right? in hawaii, certainly it is our board work against north korea. it has become -- >> that is true and of course a was a very wise of them to take it in 1988 so shortly thereafter they could...
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Apr 17, 2013
04/13
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the clerk: s. 743, a bill to restore state sovereign rights to enforce state and local sales and use tax laws and for other purposes. mr. reid: mr. president, i would object to any further proceedings in regard to this bill. the presiding officer: objection having been heard, the bill will be placed on the calendar. mr. reid: mr. president, today this august body will honor the memory of 20 first-grade children, little babies who were gunned down, most of them shot multiple times. we will also honor the teachers and administrators who were killed that day in newtown, connecticut. but we're also going to honor with this legislation tens of thousands of others who were killed by guns each year here in america. we're going to do that by voting on a number of measures to strengthen the laws to prevent gun violence in this nation. mr. president, the families of innocents killed in newtown, aurora, in carson city, blacksburg, in oak creek and columbine really deserve these votes. where do i stand on these democratic proposals? this afternoon the senate will vote on a compromised background che
the clerk: s. 743, a bill to restore state sovereign rights to enforce state and local sales and use tax laws and for other purposes. mr. reid: mr. president, i would object to any further proceedings in regard to this bill. the presiding officer: objection having been heard, the bill will be placed on the calendar. mr. reid: mr. president, today this august body will honor the memory of 20 first-grade children, little babies who were gunned down, most of them shot multiple times. we will also...
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Apr 19, 2013
04/13
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in pakistan the government is not execute a much-needed policy and tax reforms and the company -- country faces no prospects for sustained economic growth. on a somewhat more positive note dispatcher the armed forces continued operations in the areas which have been safe havens are al qaeda and the taliban. and pakistan has established national provincial assembly elections on may it will mark a historic first if they transfer government peacefully. in china last month, huge and pain ecame president his country can do to supplement its military to put those by bolstering maritime law enforcement to support its claims in the south and east china sea. russia will continue to resist putting more international pressure on syria or iran. it will also continue to display great sensitivity to missile defense. closer to home despite positive trends towards democracy and economic development, latin america and creating content oaw recovery from natural disasters and drug-related violence and trafficking. in venice with the presidential election occurred four days ago to decide a six-year term of t
in pakistan the government is not execute a much-needed policy and tax reforms and the company -- country faces no prospects for sustained economic growth. on a somewhat more positive note dispatcher the armed forces continued operations in the areas which have been safe havens are al qaeda and the taliban. and pakistan has established national provincial assembly elections on may it will mark a historic first if they transfer government peacefully. in china last month, huge and pain ecame...